Hi everyone,
I would like to collect some information on the minimum requirements and costs to become a qualified actuary in your country, following a suitable non-actuarial undergraduate degree such as Mathematics, where no exemptions from exams are provided.

Please state
- your country & actuarial society
- number of exams
- total cost of sitting each exam once
- total cost of exam notes & books
- total cost of tuition required (min 3 days per subject)
- membership fees
- total costs
- typical length of time from uni to fully qualified
- any other requirement to be a qualified actuary in your country (& cost if applicable)

I'm in the UK too. Very interesting in terms of total costs to become actuary. It doesn't take 7 years on average to become an actuary though. 4.5 years on average, this does include those with exemptions but still, 7 years is not the average for those without exemptions.

I'm in the UK too. Very interesting in terms of total costs to become actuary. It doesn't take 7 years on average to become an actuary though. 4.5 years on average, this does include those with exemptions but still, 7 years is not the average for those without exemptions.

The 7 years certainly doesn't fit with the "passing all exams on first sitting" assumption that goes with the other costs.

__________________

Quote:

Originally Posted by UFActuary

But the mosquitoes in New Brunswick Bay of Fundy did mess with my understanding of some limited loss functions

Quote:

Originally Posted by King of the North

Excel gave me #VALUE.

Edit: Nevermind, I was linking a sumif and didn't open the linked spreadsheet. It is now giving me #N/A.

I'm in the UK too. Very interesting in terms of total costs to become actuary. It doesn't take 7 years on average to become an actuary though. 4.5 years on average, this does include those with exemptions but still, 7 years is not the average for those without exemptions.

It's way faster to become credentialed in the UK because you get so many exams waived from just taking classes in university. Here in the US, you can't waive a single exam by college courses. The only thing you can waive is your VEEs, which doesn't add much time to becoming credentialed anyways.

That's also why there's a HUGE advantage in being in an actuarial program in UK universities than someone who majored in something else or is a career changer. Here, actuaries can be of any background and still "catch up" to those with actuarial educational background.

It's way faster to become credentialed in the UK because you get so many exams waived from just taking classes in university. Here in the US, you can't waive a single exam by college courses. The only thing you can waive is your VEEs, which doesn't add much time to becoming credentialed anyways.

That's also why there's a HUGE advantage in being in an actuarial program in UK universities than someone who majored in something else or is a career changer. Here, actuaries can be of any background and still "catch up" to those with actuarial educational background.

I'll take the other side of the argument here.

If you want to compare, it should be apples to apples. UK actuarial programs (bachelors, not the masters) can provide exemptions for CT1 to CT8. This is roughly equivalent to the prelims. If you do an actuarial degree in the US, you would have learned the content for the prelims as well. I know in practice this doesn't mean US actuarial graduates have all the prelims cleared, but the international students do it constantly so it is definitely possible.

I think travel time for SOA and IFOA are pretty similar, assuming a fresh graduate with all prelims cleared as the starting point (CAS is a different beast altogether). But that's a different debate.

I'm in the UK too. Very interesting in terms of total costs to become actuary. It doesn't take 7 years on average to become an actuary though. 4.5 years on average, this does include those with exemptions but still, 7 years is not the average for those without exemptions.

Where do you get your figures from please? I asked about how long for someone starting exams in the workplace with no exemptions from previous college courses.